CBI Charges Hyderabad-Based Company In Over Rs 4,736 Crore Bank Fraud The company also allegedly gave wrong information on promoters contribution, converted receivables from related parties to investments to siphon off bank funds.
Updated: January 09, 2021 6:11 pm IST
CBI has charged Coastal Projects Ltd and its directors in over a Rs 4,736 crore bank fraud
New Delhi:
The CBI has charged Hyderabad-based Coastal Projects Ltd and its directors in connection with over Rs 4,736 crore bank fraud in a consortium of banks led by the State Bank of India, officials said on Saturday.
The complaint from the SBI, now a part of the FIR, has alleged that the accused construction company, during the five year period between 2013 and 2018, falsified account books and financial statements to show unrealisable bank guarantee amounts as realisable investments, Central Bureau of Investigation (CBI) spokesperson R C Joshi said.
CBI Books Hyderabad-based Coastal Projects Ltd in Over Rs 4,736 Cr Bank Fraud
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The CBI has booked Hyderabad-based Coastal Projects Ltd and its directors in connection with over Rs 4,736 crore bank fraud in a consortium of banks led by the State Bank of India, officials said on Saturday. The complaint from the SBI, now a part of the FIR, has alleged that the accused construction company, during the five year period between 2013 and 2018, falsified account books and financial statements to show unrealisable bank guarantee amounts as realisable investments, Central Bureau of Investigation (CBI) spokesperson R C Joshi said.
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Big bank fraud! Hyderabad-based company dupes SBI, other banks for over Rs 4,736 crore
The Central Bureau of Investigation (CBI) on Saturday booked Hyderabad-based Coastal Projects Ltd and its directors in connection with over Rs 4,736 crore bank fraud in a consortium of banks led by the State Bank of India (SBI).
SBI alleged that the accused construction company, during the five year period between 2013 and 2018, falsified account books and financial statements to show unrealisable bank guarantee amounts as realisable investments, the CBI said. The company also allegedly gave wrong information on promoters contribution, converted receivables from related parties to investments to siphon off bank funds.